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The Challenge of Obsolescence

The Challenge of Obsolescence

Strategies for managing and maintaining an ageing asset base

This paper will address UK industry’s risk exposure to obsolescence, its policies and attitudes towards the issue and how things are managed on the ground.

Findings highlight the balancing act posed by an ageing asset base, assets that have not necessarily reached the end of their operational life but do require new strategies in terms of spares and maintenance.

Key findings you will learn from reading this paper include:

  • 62 per cent of UK industry has never undertaken an obsolescence audit – suggesting that too many businesses are unconsciously exposed.
  • 54 per cent of industry has no coordination of factory store inventory with the criticality of equipment - all-too-often this level of planning is not taking place and UK industry is operating without a safety net.
  • More than half of respondents cited budgets and high equipment costs as their companies’ main barriers to implementing a more proactive equipment policy.

ERIKS is the UK and Ireland’s leading industrial services partner offering a wide range of parts and maintenance services for all industrial sectors.

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IET Services Limited is registered in England. Registered Office: Savoy Place, London, WC2R 0BL. Registration Number 909719. IET Services Limited is trading as a subsidiary of the Institution of Engineering and Technology, which is registered as a Charity in England & Wales (no 211014) and Scotland (no SCO38698)

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